N.M. Stat. § 37-1-20
[No sale upon mortgages, etc., when action barred.]
No lands, tenements, hereditaments, goods or chattels shall be sold under any
power of sale contained in any mortgage, deed of trust or other written instrument of like
effect, where an action or suit upon the indebtedness secured thereby is barred by the
provisions of Chapter 68, New Mexico Code of 1915.